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The family funds regulations, published on the Official Gazette Umm Al-Qura on Feb. 3, define the family fund as a civil institution, to which these regulations are applied.
These regulations apply to the boards of NGOs and sub-boards. The sub-boards established prior to the issuance of these regulations should reconcile their positions as per the regulations within 180 days from the date of publishing the regulations.
Further, the applicant for a fund incorporation should be a Saudi citizen and fully qualified. He should also not be convicted of a crime involving moral turpitude or dishonesty, unless he has been exonerated.
The fund should deposit Zakat funds in an independent account and deal with these funds as per Shariah.
The board of trustees, which consists of at least three members, will be responsible for the fund's money and property.
The National Center for the Development of the Non-Profit Sector (NCNPS) may revoke the license of the fund that does not open a bank account or does not carry out its activities one year after the license issuance date. The center may extend it for a similar period if the founders provide an accepted justification.
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